There is a reason why Sonoro Gold (SGO.V) didn’t compare today’s resource update with the 2021 resource calculation on its Cerro Caliche project. Despite completing approximately 10,000 meters of additional drilling, the company actually LOST ounces.
In today’s update, the indicated resource contains 280,000 ounces of gold and 2.2 million ounces of silver for 290,000 ounces gold-equivalent at an average grade of 0.46 g/t AuEq. The inferred resource contains 150,000 ounces gold-equivalent of which 140,000 ounces are gold with 1.35 million ounces of silver completing the gold-equivalent calculation.
That is a few thousand ounces lower than the August 2021 resource estimate which contained 441,000 ounces gold-equivalent across all categories, including 420,000 ounces of gold. Additionally, the updated resource estimate no longer contains a single tonne in the measured category so the almost 13 million tonnes you can see below were ‘downgraded’ to indicated again.
Sonoro Gold will publish an updated PEA by the end of the second quarter but considering there’s no resource increase we shouldn’t expect any noticeable improvements to the economics as the 2022 PEA already used $1750 gold and $22 silver to end up with an after-tax NPV5% of US$54M.
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